Why Is MARA Stock Falling on Thursday?

MARA Holdings Inc (NASDAQ:MARA) stock declined on Thursday, facing downside pressure alongside falling digital asset prices and broader market weakness. The Nasdaq is down 1.14% while the S&P 500 has shed 0.54%.

Bitcoin dropped $1,421.86, or 1.82%, over 24 hours to reach $76,838.53 on Thursday. Macroeconomic conditions further weighed on market sentiment during the session. According to Trading Economics, Brent crude rose past $102 per barrel and crude oil surpassed $97, marking May highs amid the ongoing U.S.-Iran conflict. Iran signaled readiness for an intensified conflict, while President Donald Trump predicted the war would last past the November midterm elections.

Strategic Business Pivot

The decline occurred despite the company’s mid-2025 push to transition into a vertically integrated digital energy and artificial intelligence infrastructure provider, moving beyond pure-play Bitcoin mining.

Outlining the strategy during an Aug. 6 second-quarter update, CEO Fred Thiel stated, "Harnessing the power of compute, MARA transforms excess energy into digital capital, balancing the grid and accelerating the deployment of critical infrastructure". Thiel added that expanding energy partnerships allows the firm to "redefine the future of energy… [by developing] technologies that reduce the energy demands of high-performance computing applications, from AI to the edge."

Technical Analysis

From a trend perspective, MARA is trying to stabilize after a weak 12-month run (down 28.72%), and the chart is still in "prove it" mode. The stock is about 7.6% below its 100-day SMA ($12.22), a level that often acts like overhead supply after rallies fade.

Near-term, price is sitting just above key short-term references, which makes this area important for bulls to defend. At $11.32, the stock is about 4.9% above its 20-day SMA ($10.77) and essentially flat versus its 50-day SMA ($11.29), suggesting the market is testing whether the recent bounce can hold.

Momentum is best described by RSI, which is neutral at 50.99—neither stretched nor washed out—so traders are likely keying off levels and moving averages rather than "overbought/oversold" signals.

The longer-term moving-average picture is mixed: the 20-day SMA is below the 50-day SMA (a bearish short-term alignment), but the 50-day SMA remains above the 200-day SMA ($10.93), keeping the June golden cross intact. That combination often leads to choppy, range-like trading where rallies can fail quickly unless price can reclaim the mid-term averages.

• Key Resistance: $12
• Key Support: $10

MARA Stock Price Activity: MARA shares were down 3.15% at $11.54 on Thursday, according to Benzinga Pro data.

Photo courtesy: Iftekhar Emon on Shutterstock.com